CALM Chain International Limited announced on Thursday that it has submitted a registration for an initial public offering consisting of 3 million Class A ordinary shares. The filing, disclosed in a company statement, lays out the structure of the proposed offering and the contemplated Nasdaq listing.
The proposed offering is divided into two components: 2 million newly issued Class A ordinary shares that would be sold by CALM Chain itself, and 1 million shares that will be sold by existing shareholders. Collectively, those 3 million Class A ordinary shares would represent 17.14% of the company’s total Class A ordinary shares that are expected to be outstanding upon completion of the offering.
CALM Chain has set an anticipated price range for the offering of $5.00 to $7.00 per share. The company will receive proceeds only from the portion of the offering consisting of the new shares it issues - specifically the 2 million new shares - and will not receive any proceeds from the 1 million shares that existing shareholders intend to sell.
The company intends for the Class A ordinary shares to trade on the Nasdaq Capital Market under the symbol CCIL. The filing notes there is currently no public market for the company's shares, and that the closing of the offering depends on Nasdaq Capital Market approval for listing. The company also acknowledged that Nasdaq approval is not guaranteed.
Pacific Century Securities has been named as the underwriter for the offering. The company said that, assuming the underwriter does not exercise any over-allotment option, public shareholders would own 17.14% of the outstanding Class A ordinary shares after the offering is completed.
Context and next steps - The filing establishes the principal terms that CALM Chain is proposing for its public offering: the split between company-issued and selling-shareholder shares, the expected price range, the underwriter appointment, and the planned Nasdaq listing. The process will move forward only if the Nasdaq Capital Market grants listing approval.